Vindicia helps leading antivirus software company increase revenue by over $2 million
SAN MATEO, Calif., May 14, 2019 (GLOBE NEWSWIRE) -- Vindicia, an Amdocs company (NASDAQ: DOX) and a leader in business-to-consumer digital services monetization, announced today that Protected.net is successfully using Vindicia Select to recapture almost 16% of failed payment transactions, resulting in approximately $2 million of additional annualized revenue.
Protected.net provides advanced online security protection through a wide range of security tools and applications to keep users safe. The company’s product suite has protected 7 million users in the digital world, along with their devices and families over the past 12 months alone.
Like many other subscription-based businesses, Protected.net has the challenge of customer churn and involuntary cancellations. These payment failures often occur as a result of incorrect or outdated credit card information, such as an expired card or billing address change, resulting in the automatic cancellation of a customer due to non-payment.
With Vindicia Select, Protected.net has dramatically cut its involuntary churn rate, leading to increased retention and longer customer lifetimes. Further, because Vindicia Select’s technology automatically fixes failed transactions, customers maintain seamless and uninterrupted access to the Protected.net service.
A recent Forrester Consulting study found that Vindicia Select helps companies recover significant numbers of terminally failed payment transactions, which in turn reduces pressure on billing teams, enhances customer retention rates, increases revenues, improves overall customer lifetime value and protects brand value. Over three years, a composite organization received a net present value (NPV) of approximately US$76.5 million [of incremental revenue], according to the study.
Vindicia Select’s technology applies machine learning to analyze vast data sets and extract invaluable customer insights. When applied to failed transactions, Vindicia Select discovers the reason for the processing failure and takes corrective action to resolve the issue. After the client resubmits the information, they are then able to successfully complete the customer’s payment. Additionally, through Vindicia Select’s insights organizations can better predict customer motivations and create additional revenue through more personalized offers.
“Any subscription business that accepts card payments knows that failed transactions can have a significant impact on overall churn rates,” said Daniel Short at Protected.net. “That’s why every subscription business needs the power of Vindicia Select to reduce churn, increase revenue and eliminate the negative effects that intrusive customer recapture efforts have on the overall consumer experience. Vindicia Select is a technology that has truly transformed our business.”
Protected.net is also benefitting from the tight integration between its payment processor, Paysafe, and Vindicia Select. This integration brings together the unique capabilities of Vindicia Select with Paysafe’s payment processing and merchant acquiring solutions. The strategic relationship enables customers like Protected.net to successfully process an increasing volume of regular recurring payment transactions by automatically resolving previously failed credit card payments.
“We are extremely pleased that Vindicia Select is playing a critical role in Protected.net’s rapid growth by making it easier for their customers to make recurring payments,” said Sharath Dorbala, head of Vindicia, an Amdocs company. “We look forward to helping Protected.net further reduce churn, achieve greater recurring revenue and extend the lifetime value of their customers.”
Launched in 2016, Protected.net has experienced exceptional customer growth and made large strides within the cyber-security industry. Its talented team has combined proprietary software with technology from industry-leading security brands, to produce an all-in-one security product with a market leading feature set. Protected.net has become Microsoft accredited, passed antivirus industry detection tests and shortlisted for the Rising Star award at the UK Private Business Awards.
Vindicia, an Amdocs company, offers comprehensive subscription management solutions that help businesses acquire and retain more customers. Providing much more than just a billing and payments system, the company’s SaaS-based subscription management platform combines big data analysis, strategic consulting and proprietary retention technology. Vindicia provides its clients with more recurring revenue, more customer data, better insights, and greater value throughout the entire subscriber lifecycle. That’s why they call us the Subscription People. To learn more visit http://www.vindicia.com/.
Amdocs is a leading software and services provider to communications and media companies of all sizes, accelerating the industry’s dynamic and continuous digital transformation. With a rich set of innovative solutions, long-term business relationships with 350 communications and media providers, and technology and distribution ties to 600 content creators, Amdocs delivers business improvements to drive growth. Amdocs and its 25,000 employees serve customers in over 85 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $4.0 billion in fiscal 2018. For more information, visit Amdocs at www.amdocs.com.
Amdocs’ Forward-Looking Statement
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2018 filed on December 10, 2018 and our quarterly 6-K form furnished on February 19, 2019.
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